-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, AfI+KYUGBZiCHF1bC+CE95zzfmnW8AYdd/Ye+RSKDkvgxVBWc8BTca+yBG463wH9 1RSGnay4EHRw4saEUTk+jQ== 0000752642-95-000004.txt : 199506280000752642-95-000004.hdr.sgml : 19950628 ACCESSION NUMBER: 0000752642-95-000004 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950627 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED MOBILE HOMES INC CENTRAL INDEX KEY: 0000752642 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 221890929 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-13130 FILM NUMBER: 95549326 BUSINESS ADDRESS: STREET 1: 125 WYCKOFF RD CITY: EATONTOWN STATE: NJ ZIP: 07724 BUSINESS PHONE: 9083893890 MAIL ADDRESS: STREET 1: P O BOX 335 STREET 2: 125 WYCKOFF ROAD CITY: EATONTOWN STATE: NJ ZIP: 07724 10-Q/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ( x ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ended _______________________ For Quarter Ended Commission File Number March 31, 1995 0-13130 UNITED MOBILE HOMES, INC. (Exact name of registrant as specified in its charter) New Jersey 22-1890929 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) identification number) 125 Wyckoff Road, Eatontown, New Jersey 07724 Registrant's telephone number, including area code (908)389-3890 ____________________________________________________________ (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ______ Indicate by check mark whether the financial statements required by instruction H have been reviewed by an independent public accountant. Yes ______ No X The number of shares outstanding of issuer's common stock as of May 9, 1995 was 5,571,407 shares.
UNITED MOBILE HOMES, INC. CONSOLIDATED BALANCE SHEETS as of MARCH 31, 1995 and DECEMBER 31, 1994 March 31, December 31, 1995 1994 - ASSETS - INVESTMENT PROPERTY & EQUIPMENT Land $ 5,164,382 $ 4,494,382 Site and Land Improvements 31,032,504 29,777,592 Buildings & Improvements 1,731,669 1,728,447 Rental Homes & Accessories 3,663,035 3,523,332 ___________ ___________ Total Investment Property 41,591,590 39,523,753 Equipment & Vehicles 1,657,600 1,669,585 ___________ ___________ Total Investment Property & Equip. 43,249,190 41,193,338 Accumulated Depreciation (17,922,538) (17,643,762) ___________ ___________ Net Investment Property & Equipment 25,326,652 23,549,576 ___________ ___________ OTHER ASSETS Cash and Cash Equivalents 568,963 357,547 Notes and Other Receivables 203,331 418,304 Unamortized Financing Costs 274,373 235,663 Prepaid Expenses 309,139 286,148 Land Development Costs 736,994 556,777 ___________ ___________ Total Other Assets 2,092,800 1,854,439 ___________ ___________ TOTAL ASSETS $ 27,419,452 $ 25,404,015 =========== =========== - LIABILITIES & SHAREHOLDERS' EQUITY - MORTGAGES PAYABLE $ 17,710,818 $ 15,637,325 ___________ ___________ OTHER LIABILITIES Accounts Payable 96,902 151,548 Loans Payable -0- 500,000 Accrued Liabilities & Deposits 1,134,296 966,731 Tenant Security Deposits 307,206 294,028 ___________ ___________ Total Other Liabilities 1,538,404 1,912,307 ___________ ___________ MINORITY INTEREST -0- 132,600 ___________ ___________ SHAREHOLDERS' EQUITY Common Stock - $.10 par value per share, 10,000,000 shares authorized, 5,571,407 and 5,496,163 issued and outstanding, respectively 557,141 549,616 Additional Paid-In Capital 8,377,961 7,839,960 Accumulated Deficit (764,872) (667,793) ___________ ___________ Total Shareholders' Equity 8,170,230 7,721,783 ___________ ___________ TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 27,419,452 $ 25,404,015 =========== =========== -UNAUDITED- See Accompanying Notes to Consolidated Financial Statements
UNITED MOBILE HOMES, INC. CONSOLIDATED STATEMENTS OF INCOME for the THREE MONTHS ended March 31, 1995 and 1994 MARCH 31, 1995 1994 Rental and Related Income $ 3,247,040 $ 3,001,056 Operating Expenses: Park Operating Expense 1,407,547 1,342,357 Depreciation Expense 468,937 439,688 _________ _________ Income from Park Operations 1,370,556 1,219,011 Other Expenses (Income): General and Administrative 345,754 304,113 Interest Expense 442,099 364,016 Interest Income ( 24,180) ( 5,176) Other Expenses 18,159 12,185 _________ _________ Income Before Gain (Loss) on Sales of Assets 588,724 543,873 Gain (Loss) on Sales of Assets 1,216 ( 5,019) _________ _________ Income Before Taxes 589,940 538,854 Income Taxes -0- 36,000 _________ _________ Net Income $ 589,940 $ 502,854 ========= ========= Net Income Per Share $ .11 $ .09 ========= ========= Weighted Average Shares 5,532,798 5,317,106 Outstanding ========= ========= -UNAUDITED- See Accompanying Notes to Consolidated Financial Statements
UNITED MOBILE HOMES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS for the THREE MONTHS ended MARCH 31, 1995 and 1994 MARCH 31, 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 589,940 $ 502,854 Non-Cash Adjustments Depreciation & Amortization 487,096 451,873 Loss (Gain) on Sales of Assets ( 1,216) 5,019 Changes in Operating Assets and Liabilities - Notes and Other Receivables 214,973 29,937 Prepaid Expenses ( 22,991) (33,970) Accounts Payable ( 54,646) 35,233 Accrued Liabilities & Deposits 167,565 60,995 Tenant Security Deposits 13,178 1,645 __________ __________ Net Cash Provided by Operating Activities 1,393,899 1,053,586 __________ __________ CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of Edgewood Mobile Home Park (2,010,906) -0- Purchase of Minority Interest ( 132,600) -0- Purchase of Investment Property and Equipment ( 296,549) ( 206,513) Proceeds from Sales of Assets 62,658 28,776 Additions to Land Development ( 180,217) ( 239,390) __________ __________ Net Cash Used by Investing Activities (2,557,614) ( 417,127) __________ __________ CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Loans and Mortgages 3,700,000 5,400,000 Principal Payments of Loans and Mortgages (2,126,507) (6,137,847) Financing Costs on Debt ( 56,869) ( 93,877) Proceeds from Dividend Reinvestment and Stock Purchase Plan 545,526 358,351 Dividends Paid ( 687,019) ( 527,558) __________ __________ Net Cash Provided (Used) by Financing Activities 1,375,131 (1,000,931) __________ __________ NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 211,416 ( 364,472) CASH & CASH EQUIVALENTS - BEGINNING 357,547 364,472 __________ __________ CASH & CASH EQUIVALENTS - ENDING $ 568,963 $ -0- ========== ========== -UNAUDITED- See Accompanying Notes to Consolidated Financial Statements
UNITED MOBILE HOMES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1995 (UNAUDITED) NOTE 1 - ACCOUNTING POLICY The interim consolidated financial statements furnished herein reflect all adjustments which were, in the opinion of management, necessary to present fairly the financial position, results of operations, and cash flows at March 31, 1995 and for all periods presented. All adjustments made in the interim period were of a normal recurring nature. Certain footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements and notes thereto included in the annual report of United Mobile Homes, Inc. (the Company) for the year ended December 31, 1994 have been omitted. NOTE 2 - LOANS AND MORTGAGES PAYABLE On January 26, 1995, the Company utilized $3,700,000 ($2,000,000 on Woodlawn Village and $1,700,000 on Southwind Village) of the revolving line of credit with United Jersey Bank, N.A. Proceeds from these advances were primarily used to retire existing debt and to purchase Edgewood Mobile Home Park. (See Note 5.) NOTE 3 - DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN On March 15, 1995, the Company paid $687,019 as a dividend of $.125 per share to shareholders of record as of February 15, 1995. On March 15, 1995, the Company received $545,526 from the Dividend Reinvestment and Stock Purchase Plan (DRIP). There were 75,245 new shares issued resulting in 5,571,407 shares outstanding. NOTE 4 - EMPLOYEE STOCK OPTIONS During the three months ended March 31, 1995, the following stock options were granted: Date of Number of Option Expiration Grant Shares Price Date 1/05/95 25,000 8.25 1/5/2000 1/05/95 50,000 8.25 1/5/2000 As of March 31, 1995, there were 613,000 shares available under the Company's 1994 Stock Option Plan. NOTE 5 - ACQUISITIONS On January 26, 1995, the Company acquired Edgewood Mobile Home Park, a 218-space mobile home park located in Apollo, Pennsylvania. This mobile home park was purchased from a partnership whose partners are also officers, directors and shareholders of the Company. The purchase price included total payments to partners of $966,000, and payment of net liabilities of approximately $800,000 for a total purchase price of approximately $1,775,000. An additional $200,000 plus interest at 8% is to be paid if the park generates, within a three year time limit, $195,000 per year or more in operating income. This purchase was based on an independent appraisal of fair market value. On February 3, 1995, the Company purchased the remaining 11.64% interest in Heather Highlands Mobile Home Village Associates, L.P. from Mr. Eugene W. Landy for $132,600. This price per unit was the same price previously paid to non-affiliated sellers, which was based on an independent appraisal of fair market value. NOTE 6 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the three months ended March 31, 1995 and 1994 for interest and taxes are as follows: 1995 1994 Interest $452,374 $379,652 Taxes -0- 40,957 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS MATERIAL CHANGES IN FINANCIAL CONDITIONS United Mobile Homes, Inc. (the Company) owns and operates twenty- one mobile home parks. The mobile home parks have been generating increased gross revenues and increased operating income. The Company generated $1,393,889 cash from operations. The Company received new capital of $545,526 through its Dividend Reinvestment and Stock Purchase Plan (DRIP). Mortgages Payable increased by $2,073,493 as a result of the utilization of $3,700,000 of the Company's revolving line of credit offset by principal repayments. Proceeds from the line of credit were primarily used to retire existing debt and to purchase Edgewood Mobile Home Park (Edgewood) (see Note 5). The Company also purchased the remaining 11.64% interest in Heather Highlands Mobile Home Village Associates, L.P. Additionally, the Company repaid $500,000 of its unsecured line of credit. The Company intends to continue to use cash from operations and proceeds from the DRIP to reduce mortgages payable. MATERIAL CHANGES IN RESULTS OF OPERATIONS Income from park operations increased by $151,545 to $1,370,556 for the quarter ended March 31, 1995 as compared to $1,219,011 for the quarter ended March 31, 1994. This represents a continuing trend of rising income from park operations. The Company has been raising rental rates by approximately 5%. As a result of higher rents, the addition of rental homes and the purchase of Edgewood, rental and related income rose from $3,001,056 to $3,247,040. Park operating expenses rose from $1,342,357 to $1,407,547. Park operating expenses increased due to higher insurance, legal costs and the purchase of Edgewood. Interest expense increased from $364,016 to $442,009 as a result of an increase in the principal balance outstanding as well as an increase in the prime bank rate. Almost all of the Company's debt is tied to the prime bank rate. This rate was 9% at March 31, 1995 as compared to 6% at March 31, 1994. LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities increased during the three months ended March 31, 1995 to $1,393,899 compared to $1,053,586 generated in the three month period ended March 31, 1994. Excess cash was used to amortize and/or prepay debt. The Company believes that funds generated from operations and the Dividend Reinvestment and Stock Purchase Plan, together with the financing and refinancing of its properties will be sufficient to meet its need over the next several years. PART II Item 1 - Legal Proceedings - none Item 2 - Changes in Securities - none Item 3 - Defaults Upon Senior Securities - none Item 4 - Submission of Matters to a Vote of Security Holders - none Item 5 - Other Information - none Item 6 - Exhibits and Reports on Form 8-K - (a) Exhibits - none (b) Reports on Form 8-K - none SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DATE: May 9, 1995 By: Samuel A. Landy, President (Signature) DATE: May 9, 1995 By: Anna T. Chew, Vice Vice President and Chief Financial Officer (Signature) EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF UNITED MOBILE HOMES, INC. AS OF AND FOR THE PERIOD ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1995 MAR-31-1995 568,963 0 300,973 97,642 0 1,081,433 43,249,190 17,922,538 27,419,452 1,538,404 17,710,818 557,141 0 0 7,613,089 27,419,452 0 3,272,436 0 1,407,547 832,850 0 442,099 589,940 0 589,940 0 0 0 589,940 .11 .11
-----END PRIVACY-ENHANCED MESSAGE-----